PRESS RELEASE

December 6, 2023

FY2023 Half-year Consolidated Financial Results
Revenues and profits increased due to recovery in internationaltraffic following the completion of border measures.
Turning profitable for the first time in four terms.
Kansai Airports today announced its half-year consolidated financial results for the 6 months ended
September 30, 2023, posting operating revenues of 85.4 billion yen, operating profit of 13.0 billion
yen, ordinary profit of 7.8 billion yen and net profit of 5.2 billion yen.
During the current interim period, air passenger demand steadily recovered due to the completionof border measures. Operating revenue increased by 107% and operating profit increased by 25.1
billion yen, ordinary profit by 25.2 billion yen, and net profit by 17.9 billion yen compared to theprevious year. Turning a profit for the first time in four terms as interim period.
Consolidated Profit and Loss Statement
Item

Apr. 2022-

Apr. 2023-

Increase

ChangeSept. 2022

Sept. 2023

(Decrease)(％)

Operating Revenues

41.2

85.4

44.2

+107%

Operating Expenses（31.6)（50.4)(18.8)

+60%

9.6

35.0

25.4

+264％

（21.8)（22.0)(0.2)+1%

Operating Profit/Loss(12.1)

13.0

25.1

-

Ordinary Profit/Loss(17.4)

7.8

25.2

-

Net Profit/Loss1(12.8)

5.2

17.9

-

EBITDA
Depreciation & Amortization1(in billion yen)

Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders

Aviation Traffic
Aviation traffic increased significantly, the total aircraft movements at the three airports was 167
thousand, and the number of air passengers was 20.98 million; an increase of 27% and 96%,
respectively, compared to the previous year. Regarding international traffic, the end of thegovernment's border measures has led to the return and increase of flights, and the number ofinternational passenger has recovered, with the number of international passengers increasing
significantly by 14 times compared to the previous year. Domestic flights are also recovering steadily,with the combined aircraft movements from the three airports reaching a record high for the firsthalf of the year. Although the number of international cargo flights was lower than the previous
year, it still maintained a high level, 160% compared to 2019.

Item
ATMs (in thousands)

Apr. 2022-

Apr. 2023-

Increase

ChangeSept. 2022

Sept. 2023

(Decrease)

(%)

132

167

35

+27％

KIX

46

80

34

+74％

ITAMI

69

69

0

+1％

KOBE

17

17

0

+2％

10.72

20.98

10.25

+96％

KIX

3.50

11.86

8.36

+239％

ITAMI

5.81

7.39

1.58

+27％

KOBE

1.42

1.73

0.31

+22％

PAX (in millions)

Consolidated Balance Sheet
As of September 30 2023, total assets were 1,594.2 billion yen as a result of depreciation in
operating rights compared to the end of the previous fiscal year. In addition, due to repayment ofshort-term loan, total liabilities were 1,561.4 billion yen.
(in billion yen)
Item
Current Assets

As of Mar. 31, 2023

As of Sep. 30, 2023

Increase(Decrease)

93.8

104.7

10.9

1,510.4

1,489.5(20.9)

1,604.1

1,594.2

(9.9)

70.3

67.6

(2.7)

Non-current Liabilities

1,506.6

1,493.7(12.9)

Total Liabilities

1,576.9

1,561.4(15.5)

24.6

29.8

5.2

0.6

1.0

0.4

2.0

2.1

0.1

27.2

32.8

5.6

1,604.1

1,594.2(9.9)

Non-current Assets
Total Assets
Current Liabilities

Shareholders' Equity
Other Comprehensive
IncomeNon-controlling Interests
Total Net Assets
Total Liabilities and Net
AssetsReference: Consolidated Financial Results

Contact:
Group Corporate Communications Department
Kansai airports
pr@kansai-airports.co.jp

Kansai Airports was established by a consortium made up of VINCI Airports and ORIX Corporation as its core
members. Kansai Airports took over the operations of Kansai International Airport (“KIX”) and Osaka
International Airport (“ITAMI”) from New Kansai International Airport Company (“NKIAC”) and has been
operating the two airports since April 1, 2016.
Kansai Airports Kobe, Kansai Airports’ wholly-owned subsidiary, took over the operations of Kobe Airport(“KOBE”) from Kobe City and started its business as an operating company on April 1, 2018.
Under the concept of “One Kansai Airports Group”, Kansai Airports group strives to continuously improve its
services for all airport guests through appropriate investments and efficient operations, with safety and security
being the top priority. Kansai Airports group aims to maximize the potential of the three airports, for the benefitof the communities they serve.
For more information, please visit：http://www.kansai-airports.co.jp/en/

Kansai Airports
Location

1-banchi, Senshu-kuko kita, Izumisanoshi, Osaka

Shareholders

ORIX 40%,VINCI Airports 40%,
Other investors 20%1

Company
Representatives

Representative Director and CEO:Yoshiyuki Yamaya
Representative Director and Co-CEO: Benoit Rulleau

Business Scope

Operation and management services, etc. of Kansai International Airport and Osaka
International Airport

Kansai Airports Kobe
Location

1-ban, Kobe-kuko, Chuo-ku, Kobe-shi,
Hyogo

Shareholder

Company
Representatives

Representative Director and CEO: Yoshiyuki Yamaya
Representative Director and Co-CEO: Benoit Rulleau

Business Scope

Operation and management services, etc. of Kobe Airport

Kansai Airports 100％

ORIX Corporation is a financial services group which provides innovative products and services to its customers
by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and ispresently undertaking a wide range of businesses such as corporate finance, industrial/ICT equipment,
environment and energy, automobile-related, real estate-related, private equity investment and concession,banking and life insurance businesses. Since entering Hong Kong in 1971, ORIX has been operating its
businesses globally by establishing locations in about 30 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise of always generating new value to contributeto society by engaging in corporate activities that instill vitality in its companies and workforce based on ORIX’s
unique business model that continues to evolve perpetually.
For more details, please visit our website: https://www.orix.co.jp/grp/en/

The world’s leading private airport operator, VINCI Airports operates more than 70 airports in 13 countries.
Thanks to its expertise as a global integrator, VINCI Airports develops, finances, builds and manages airports byproviding its investment capacity and its know-how in optimizing operational performance, modernizing
infrastructure and managing their operations and environmental transition. VINCI Airports is the first airport
operator to have committed to an international environmental strategy in 2016, to achieve the goal of net zero
emissions across its entire network by 2050.
For more details, please visit our website: www.vinci-airports.com
1

ASICS Corporation; Iwatani Corporation; Osaka Gas Co., Ltd.; Obayashi Corporation; OMRON Corporation; The Kansai Electric Power Company, Incorporated; KintetsuGroup Holding Co., Ltd.; Keihan Holdings Co., Ltd.; Suntory Holdings Limited; JTB Corp.; Sekisui House, Ltd.; Daikin Industries, Ltd.; Daiwa House Industry Co., Ltd.;
Takenaka Corporation; Nankai Electric Railway Co., Ltd.; NIPPON TELEGRAPH AND TELEPHONE WEST CORPORATION; Panasonic Holdings Corporation; Hankyu Hanshin
Holdings, Inc.; Rengo Co., Ltd.; The Senshu Ikeda Bank, Ltd.; Kiyo Holdings, Inc.; The Bank of Kyoto, Ltd.; THE SHIGA BANK，LTD.; The Nanto Bank, Ltd.; Nippon Life
Insurance Company; Mizuho Bank, Ltd.; Sumitomo Mitsui Trust Bank, Limited; MUFG Bank, Ltd.; Resona Bank, Limited; and the Private Finance Initiative Promotion
Corporation of Japan.

Interim Consolidated
Financial Results for FY2023
December 6, 2023

AgendaOverview of Consolidated
Financial Results
Revenue Drivers
Initiatives in FY2023
Q&A

1

Overview of Consolidated Financial Results2Surplus for the first time in four periods due to increased air travel
demand due to the end of border measures(in billion yen)

１．With the end of the bordermeasures, air travel demand
recovered steadily.

２．The increase in the number ofaircraft movements and passengers
for international flights, led to asignificant increase in operating
revenues compared to the previous
year.

３．Profits improved from the previous
year due to continued cost reductions
and a return to profitability for the
first time in four interim periods.

Apr. 2022Sept. 2022

Apr. 2023Sept. 2023

Operating
Revenues

41.2

85.4

+44.2 +107％

EBITDA

9.6

35.0+25.4 +264％

Operating
Profit/Loss(12.1)

13.0

+25.1

-

Ordinary
Profit/Loss(17.4)

7.8

+25.2

-

Net
Profit/Loss*(12.8)

5.2

+17.9

-

Change* Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders**The profit and loss statement of FY2022 has been rearranged due to changes in theaccounting policy for retirement benefit expenses accounting.

％3Operating Results(in billion yen)
Apr. 2021 Mar. 2022

Apr. 2022 –Mar. 2023

Increase(Decrease)

Change
％

41.2

85.4

44.2

+107%

Aero

17.7

37.3

19.6

+111%

Non-Aero

23.5

48.1

24.6

+104%

Operating Expenses (excl. D&A)

(31.6)(50.4)(18.8)+60%

EBITDA

9.6

35.0

25.4

+264%

Depreciation & Amortization(21.8)(22.0)(0.2)+1%

Operating Profit and Loss

(12.1)

13.0

25.1

-

Non-operating Profit and Loss

(5.2)

(5.2)

0.1

-1%

Ordinary Profit and Loss

(17.4)

7.8

25.2

-

Extraordinary Profit and Loss

(0.8)

(0.4)

0.4

-54%

Income Taxes, Profit Attributable toNon-controlling Interests

5.4

(2.3)

(7.7)

-

Net Profit and Loss1(12.8)

5.2

17.9

-

Operating Revenues

1 “Net Profit and Loss” represents “Net Profit Attributable to Parent Company Shareholders”**The profit and loss statement of FY2022 has been rearranged due to changes in theaccounting policy for retirement benefit expenses accounting.

4

EBITDA （YoY）(in billion yen)5Balance Sheet(in billion yen)

As of Mar. 31, 2023

93.8

104.7

10.9

Cash and Deposits

71.7

78.8

7.1

Non-current Assets

1,510.4

1,489.5(20.9)

1,604.1

1,594.2

(9.9)

70.3

67.6

(2.7)

1,506.6

1,493.7(12.9)

1,576.9

1,561.4(15.5)

24.6

29.8

5.2

Other Comprehensive Income

0.6

1.0

0.4

Non-controlling Interests

2.0

2.1

0.1

27.2

32.8

5.6

1,604.1

1,594.2

(9.9)

233.2

223.3

(9.9)

Current Assets

Right to Operate
Public Facilities

TOTAL ASSETS
Current Liabilities

Debts concerning
Right to Operate
Public Facilities

Increase(Decrease)

As of Mar. 31, 2022

Non-current Liabilities
TOTAL LIABILITIESShareholders' Equity

TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

Reference
Interest-bearing Debt Balance

6

Revenue Drivers
7

Aero: Recovery progresses thanks to removal of last border measures’ restrictions in April








Total number of passengers at 3 airports levelrecovered by 79% to 20.98 million, and the total
number of movement at the 3 airports has increasedby 27% from H1 FY2022.
International passengers and flights
The recovery of international passenger flights progressed
further after the Japanese government ended all bordercontrol measures in April 2023. The total number ofinternational movement at KIX has increased by 170%from H1 FY2022. The number of passengers is driven bystrong inbound demand, and recovered by 66% to 8.40
million compared to H1 FY2019.

Domestic passengers and flights of 3 airports
The total number of domestic passenger flights movement
at the three airports remains at a high level, reaching a
new record high for the first half of the fiscal year. Although
the number of passengers continues to show a slow
recovery in business demand, it has recovered to 92%
compared to H1 FY2019, supported by stable passenger
demand and stimulation measures such as nationwide
travel support.
International cargo flights
The number of international cargo flights had a downward
trend from the previous year due to the recovery ofpassenger flights’ belly capacity. But it remains at a highlevel compared to H1 FY2019 thanks to e-commerce
demand that started under the COVID-19.

H1 FY2022

ATMs(in thousands)

H1 FY2023%(H1 FY2022)%(H1 FY2019)

132

167

+27%

-13%

KIX(Int’l)

20

55

+170%

-31%

KIX(Dom)

26

25

-2%

-1%

ITAMI(Dom)

69

69

+1%

-1%

KOBE(Dom)

17

17

+2%

+11%

Passengers(in millions)

10.72

20.98

+96%

-21%

KIX

3.50

11.86

+239%

-27%

International
Passengers

0.60

8.40

+1310%-34%

Japanese

0.27

1.73

+534%

-57%

Non-Japanese

0.32

6.59

+1955%-24%

Domestic

2.90

3.46

+19%

-3%

ITAMI

5.81

7.39

+27%

-12%

KOBE

1.42

1.73

+22%

+1%

10.13

12.58

+24%

-8%

3 airports domestic total

8

Aero: 3 Airports movement (vs FY2019)
Passenger flights* April 2022 ー October 2023
KIX Intl

KIX Dom

ITAMI

KOBE

140%

115%

120%

113%

H1 FY2023 Total
Number of international passenger
flights per region**& recovery rate vs H1 FY2019
15,421 (87%)

South Korea

100%
80%

October 11, 2022
Significant relaxation of border measures
・Abolishing the upper limit on entries
・Personal travel ban lifted

60%

103%

April 29, 2023
All bordermeasures lifted

76%

40%
20%

8,103 (33%)

China
Hong Kong,Macau

4,508 (70%)

Taiwan5,169 (77%)
7,208 (70%)

Southeast Asia

0%
North America

670 (53%)

Hawaii521 (35%)

Europe636 (35%)

Middle East

362 (98%)

120%

Oceania

296 (54%)

80%

Guam

368 (33%)

40%

Others49 (15%)International cargo flights April 2022 ー October 2023
240%
200%

138%

160%

0%
Apr

May

Jun

Jul

Aug
2022

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

(Movement)0

10,00020,0002023*As for passenger flights, for comparison with before the pandemic of COVID-19, comparison with FY2018 is shown in February, March in 2023.
**The number of passenger flights represents the number of flights registered with the Civil Aviation Bureau as passenger flights(some of them may only transport cargo).

9

Aero: 3 Airports passenger traffic (vs FY2019)
April 2022 - October 2023
KIX Intl

KIX Dom

ITAMI

KOBE

120%

110%
106%

100%

98%
80%

84.8%

April 29, 2023
All bordermeasures lifted

60%

October 11, 2022
Significant relaxation of border measures
・Abolishing the upper limit on entries
・Personal travel ban lifted

57.3%

40%

20%

15.6%
0%

Apr

May

Jun

Jul

Aug
2022

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2023

10
* For comparison with before the pandemic of COVID-19, comparison with FY2018 is shown in February, March in 2023

Aero: FY2023 international scheduled passenger flights
As of November 21, 2023•••

Summer 2023 figures are the number of flights for peak month, October 2023
Winter 2023 figures are the planned number of flights for March 2023
Figures in brackets indicate recovery rates against the same period of Summer 2019 and Winter 2019

Winter 2023：1,112 flights (79% recovery from Winter 2019 / 105% excluding China)
Winter 2023 plan (as of October 25) : 1,086 flights (77% recovery from Winter 2019 /103% excluding China)
Europe
40

China

35

30

30
(34%)

20

800
(53%)

16

12

600

10

200

0

0
S19

S23

400

(44%)

(44%)

215

263

348

(91%)

300

(171%)

15

12

10

7

S23

W19 W230150

124 (88%)
109

125

133

100
50

250
200
150
100
50
0

197 (76%)
150

S23

W19 W23

12

12

S19

W19 W23198 (85%)168

135 (83%)
112

134

(89%)

30

119

100

20

50

10

28

S19

W19 W23

28
(39%)

(43%)

11

12

S23

W19 W23

Guam

Oceania
20

17

11

(53%)
(45%)

9

5

5
W19 W23

W19 W23

0
S23

10
S23

S23

Hawaii

15

S19

0
S19

S23

S19

Southeast Asia
(106%)(100%)

00

W19 W23

Hong Kong・Macau

15

10

0

150
7

S23

(58%)

Taiwan

19

5
S19

26

20

232

200

(271%)

20

30

351

317

S19

Middle East

(151%)100
S19

W19 W23

600

494

400

North America

Korea*0
S19

S23

W19 W23

25
20
15
10
5
0

23

21

(43%)
(29%)

10

6

S19

S23

W19 W23* The recovery rate against 2019 winter is high because of the drop in the number of flights to Korea caused by diplomatic issues in 2019.
(The recovery against 2019 summer is 101%, which is before impacted by diplomatic issues.)

11International cargo: movements, volume & trade value
KIX International cargo volume and value(Thou. ton)

(Bil. JPY)
5,759

6,000

5,309
400

(YoY: -8%)

4,550

The number of Freighter movements remains high level compared to the pre-COVID
period, despite a decrease of full freighter movements linked to the recovery of passenger
flights and their belly capacity.
Both cargo volume and value declined from the previous year due to a slowdown in the
global economy and logistics due to the sharp rise in prices stemming from the situationin Ukraine, and the return to sea transport of some cargo demand, as new large-scale
container vessel have been launched.
However, the transport of E-commerce keeps strong demand.

4,000

International cargo flight movements(Movement)

13,841
372

390

360

90%

9%

2,000

Freighter

79%

Passenger
flight

70%

68%

60%

(YoY: -8%)

8,000

20%

（YoY: -20%） 80%

11,14012,000

Other

100%

16,000200

KIX share of international flights

50%

6,951

40%

90%

30%

4,000
0

20%

0

FY2019H1
FY2019FY2022
H1
FY2022TTL Volume (Load, Unload)

10%

FY2023
H1
FY2023
TTL Value (Export, Import)

0

FY2019H1 FY2019

FY2022 H1 FY2023
FY2023H1 FY2022

0%

31%
FY2019H1
FY2019 H1FY2022
FY2022 H1FY2023
FY2023

Cargo value (announced by Customs) : September 2023: preliminary figures, August 2023: Export: pre-definite figures, Import: preliminary figures
Others, 2023: pre-definite figures, 2022: pre-definite figures, 2020-2021: definite figures12Non-Aero: Half-year revenue doubled due to increase in international passengers
 Due to the increase of international passengers, Non-Aero business revenue in the first halfof FY2023 has doubled from the previous year, recovering to about 70% of FY2019.
 We opened F＆B in landside area, sequentially beginning in October 2022. In order to
respond to the increase in the number of passengers, we secured sufficient number of stores
opened and their business hours, and also added temporary stores during the period.
Non-Aero Revenue(in billion yen)

100
80

70

-22％
60
40

OthersRetail, F&B+11%86% comparedto FY2019

-84%
24

20

Duty Free-96%

Others0
FY2019FY202248

Others+430%
82% compared Retail, F&B
to FY2019+1137%
Duty Free
47% compared
FY2023
to FY2019* Others: Revenue from real estate, tenant, hotel, etc.
* Duty-free, Retail and F&B: Revenue of directly managed stores

13

Non-Aero: New stores⚫ Restaurants will gradually open in landside from August 2023
➢ 9 stores opened in landside on the second floor of Terminal 1(2 stores on August 8, 2 stores on October 1, 4 stores on December 1,

2023 and 1 store around February, 2024)⚫ New international departure area opens on December 5, 2023
➢ Centralization of the immigration areas previously located separately in north and south➢ 27 stores open in the area after the security check international flights(9 food & beverages, 7 retails, 1 duty free, 9 boutiques, 1 service shop)* Details of the opening are available here.

14

Initiatives in the first half of FY2023
15

List of Major Initiatives in the First Half of FY2023
3 Airports
・The first ACI Asia-Pacific Regional Assembly in Kansai
to be held in Kobe (May 16-18)
・New job search website for all three airports (Sep. 29)
・Sky Day Festival 2023 to be held at all three airports (Sep. 1, 15, 20)

KIX

The first ACI Asia-Pacific Regional Assembly in Kansai
to be held in Kobe

New job search website for all three airports

・Seaweeds from KIX were transplanted to Hannan City (Apr. 25)
・Overseas Travel Exhibition in Umeda to be held (Jul. 22)
・KIX Summer Vacation Special Event "Parent-child Environment Tour“ (Aug. 8)

ITAMI・“Osaka International Airport Wedding Plan” start(Jun. 7)・Introduced new photo opportunities with AR Sorayan (Jul. 27)
・Install the largest number of EV chargers in Japan (Aug. 1)

Seaweeds from KIX were transplanted to Hannan City

Overseas Travel Exhibition in Umeda to be held

KOBE
・Held KOBE Runway Walk (Jul. 22)
・Join Summer Holiday Pleasure Flight and Work in the Sky Class (Aug. 22)
・New direct bus service between Kobe Airport and Osaka Station (Sep. 15)

Introduced new photo opportunities with AR
SorayanJoin Summer Holiday Pleasure Flight and Work in the
Sky Class16

Q&A17